Synopsis
On March 5, the Indian stock market opened positively with the Sensex exceeding 73,300. Despite mixed global signals, sectors like auto, IT, and PSU banks showed buying interest. Caution is advised due to ongoing volatility and past market trends.Key Takeaways
- Sensex rose 358.34 points to 73,348.27.
- Nifty increased by 106.40 points, reaching 22,189.05.
- Market sentiment influenced by mixed global cues.
- Top gainers include HCL Tech and M&M.
- Traders are advised to implement strict stop-loss strategies.
Mumbai, March 5 (NationPress) The Indian benchmark indices commenced the day with an upward trend on Wednesday amidst varied global signals, with notable purchases occurring in the auto, IT, and PSU Bank sectors during the initial trading hours.
As of approximately 9:31 AM, the Sensex was up by 358.34 points, representing a 0.49 percent increase, reaching 73,348.27, while the Nifty saw an increase of 106.40 points or 0.48 percent to hit 22,189.05.
The Nifty Bank index rose by 147.80 points or 0.31 percent, settling at 48,393. The Nifty Midcap 100 index stood at 48,337.15 after gaining 329.30 points or 0.69 percent. Meanwhile, the Nifty Smallcap 100 index traded at 14,909.40, up by 146.80 points or 0.99 percent.
Analysts suggest that the market might experience a cautious start following the overnight downturn in US markets, yet the positivity from other Asian indices could bolster sentiment after the benchmark Nifty closed in the negative for the tenth consecutive day on Tuesday.
"The market is grappling with the negativity stemming from potential repercussions of Trump's reciprocal tariff policy amid escalating trade tensions and emerging signs of an economic slowdown coupled with persistent US inflation," commented Prashanth Tapse, Sr VP Research Analyst at Mehta Equities.
"From a technical standpoint, if the Nifty dips below 22,000 on a closing basis, the next significant support level will be at 21,281," he elaborated.
Considering the current volatility, traders are recommended to exercise prudence, adopt strict stop-loss measures, and refrain from holding overnight positions.
Within the Sensex constituents, HCL Tech, M&M, PowerGrid, Tech Mahindra, Zomato, Tata Steel, Tata Motors, and ICICI Bank emerged as the leading gainers. In contrast, Bajaj Finance, Bajaj Finserv, UltraTech Cement, and HDFC Bank experienced the most losses.
During the previous trading session, the Dow Jones fell by 1.55 percent, closing at 42,520.99. The S&P 500 dropped 1.22 percent to 5,778.15, while the Nasdaq saw a slight decline of 0.35 percent, closing at 18,285.16.
In Asian markets, cities including Bangkok, China, Japan, Seoul, Jakarta, and Hong Kong were performing well.
Foreign institutional investors (FIIs) continued their selling spree on March 4, offloading equities worth Rs 3,405.82 crore. Conversely, domestic institutional investors (DIIs) maintained their buying trend, acquiring equities worth Rs 4,851.43 crore on the same day.
